Mandu 🥟How would one go about getting this added to the Constitution? Asking for a nation.
StarkRG@yurnidiot I've been suggesting this for *years,* though perhaps I should have marketed it better. I called it a wealth tax, as in, once someone has above a certain wealth, I suggested $500m, all income is taxed at 100%. I guess some people have a visceral reaction to the word "tax" because I got some pushback on it from people who are unlikely to ever see even one million. 🤦
congusbongusgames@StarkRG @yurnidiot good observation that it’s basically a 100% wealth tax. Unfortunately it may create perverse incentives, like people at the cap consuming unlimited champagne and caviar because it’s basically free, so at best it’s an extremely inefficient and wasteful wealth transfer. Most wealth taxes in practice and in proposal are quite modest, like 1% of wealth taxed annually.
@congusbongus @yurnidiot Income below the wealth cap would still be taxed at normal, progressive tax rates, so staying below it wouldn't exactly be a free ride. I don't think it matters how they stay below the cap, as long as they don't have the power that having a massive amount of wealth provides. I'm also using the term "wealth" very deliberately, I'm not just talking about cash on hand, but the total value of everything they own.